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Apr 19, 2013
04/13
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the imf will provide 1 billion. leaving cyprus to raise 13 billion itself. that means cyprus rating the accounts of rich depositors. for the german opposition, the deal is the right one. >> we stand in solidarity with cyprus, but we have no sympathy for a business model that involves proclaiming yourself a haven for money launderers and tax evaders. none at all. >> if the rest of the eurozone follow suit in backing the bailout, cyprus could receive the cash injection within weeks. >> the german economy is slowly awakening from its winter sleep. the country's leading economic research institutes have presented their spring forecast, saying they expect moderate growth of about 0.8% this year, but the think tanks are a bit more upbeat about 2014, where the forecast growth to reach about 2%, provided the current eurozone debt crisis does not spiral out of control. >> the economic outlook is bright. it is been booming bavaria. the state boasts near full employment. businesses like this are wide. it is an engineering firm. residential -- residents are up, order bo
the imf will provide 1 billion. leaving cyprus to raise 13 billion itself. that means cyprus rating the accounts of rich depositors. for the german opposition, the deal is the right one. >> we stand in solidarity with cyprus, but we have no sympathy for a business model that involves proclaiming yourself a haven for money launderers and tax evaders. none at all. >> if the rest of the eurozone follow suit in backing the bailout, cyprus could receive the cash injection within weeks....
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Apr 2, 2013
04/13
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the greatest is to meet the terms set out by the eu and imf. only then will it receive the 10 billion euros it needs. >> how many cypriot officials might be swept up in this new criminal investigation? for more, we are joined now live on the line by correspondent nathan morley in nicosia. how far could this investigation go? there have been rumors implicating not only the finance minister but the president as well. >> indeed. difficult question to answer how many people will be swept up, but sarris is a key figure in these bailout talks. as we reported last week, he was the chairman of the failed bank, so he also has questions to answer. the president as well, i'm afraid. the investigation committee looking into a relative of his who spirited away 10 billion euros just before the bailout. we are looking at proposals coming from the state tonight about reductions in civil interested in who is to blame and who is involved. i know the minister. he is smart and keen, but he is stepping into the shoes, which are pretty big, so it remains to be seen
the greatest is to meet the terms set out by the eu and imf. only then will it receive the 10 billion euros it needs. >> how many cypriot officials might be swept up in this new criminal investigation? for more, we are joined now live on the line by correspondent nathan morley in nicosia. how far could this investigation go? there have been rumors implicating not only the finance minister but the president as well. >> indeed. difficult question to answer how many people will be...
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Apr 28, 2013
04/13
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was all right i will default on the argentine debts which set off a ripple effect which destroyed the imf at least for the time being and ended the third world debt crisis. that is how it happens with that delegitimize it effort. this is a perfect point where politicians essentially de-legitimated themselves 85% of the way and we just want to push a little bit further. >> are there republicans doing your wishes? >> wait for it bounce back very soon. [laughter] >> now another big after in the book someone on the other side is the new york police department and they are on the one hand the ultimate nemesis, the people who wrack occupy but also on the other hand away their hostility is one of the things that you turn to to sort of prove that occupy at the right answers because otherwise why would they be so hostile if you want a real threat to the system? why would they do things like er ithis? that isn't having it both ways with these guys? >> when you talk about the new york city police department i'm not talking about individual police officers who were very much broken up a lot of them a
was all right i will default on the argentine debts which set off a ripple effect which destroyed the imf at least for the time being and ended the third world debt crisis. that is how it happens with that delegitimize it effort. this is a perfect point where politicians essentially de-legitimated themselves 85% of the way and we just want to push a little bit further. >> are there republicans doing your wishes? >> wait for it bounce back very soon. [laughter] >> now another...
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Apr 3, 2013
04/13
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CNBC
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imf reached an agreement to contribute 1 billion euros to the country's bailout or bail in depending on your point of view. they expect an agreement to have approval by the board in early may. all of this according to dow jones news wires. here's a look at what's on the agenda today in the u.s. the march adp employment report out at 8:15 a.m. eastern. it's looking for an increase of 194,000 private sector jobs. roughly in line with what we saw in february which did proceed a strong employment report and has had hopes raised for a strong one again on friday. at 10:00, it's the marsh ism services index. economists looking for a reading of 55.8 which is a slight downtick from february and at 3:30 san francisco fed president john williams speaks about monetary policy. look for results from conagra and an interview with dan tarullo. that will be on "squawk box" at 8:30 a.m. eastern. for more on how markets are shaping up today, joining us now is chief economist and cio. it's great to see you. it was your note earlier this week that really helped to focus attention on what was happening in
imf reached an agreement to contribute 1 billion euros to the country's bailout or bail in depending on your point of view. they expect an agreement to have approval by the board in early may. all of this according to dow jones news wires. here's a look at what's on the agenda today in the u.s. the march adp employment report out at 8:15 a.m. eastern. it's looking for an increase of 194,000 private sector jobs. roughly in line with what we saw in february which did proceed a strong employment...
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Apr 11, 2013
04/13
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. >>> in an interview with maria bartiromo, the imf chief legarde suggested central banks around the world must do more to boost growth since governments have limited fiscal impact. >> we are in a low interest environment and more needs to be done. at the moment, government with their fiscal policies have limited space. and yet growth has to pick up. who bears the burden? central bankers with monetary , whether it's quantiteasie, ful this n the japanese authorities. doing what they can to encourage growth, toth when thee for a long time like in japan and to make sure that credit flows into the real economy so that investment can start again. >> there's so much debate about this subject. and today we're hearing all different commentary about when the federal reserve should ease back on its stimulus. do you think there are damages to this plan longer term? i know you said in your speech inflation is okay now, but what are the downside risks? continuing this until 2015 versus stopping this summer? >> first of all, the fed has indicated that they would do so with two compasses, if you wi
. >>> in an interview with maria bartiromo, the imf chief legarde suggested central banks around the world must do more to boost growth since governments have limited fiscal impact. >> we are in a low interest environment and more needs to be done. at the moment, government with their fiscal policies have limited space. and yet growth has to pick up. who bears the burden? central bankers with monetary , whether it's quantiteasie, ful this n the japanese authorities. doing what...
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Apr 17, 2013
04/13
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the imf says there's no silver bullet. the fund urging developed economies to take prudent steps to boost demand. you can go online for more. >>> still to come on the show, economists are expecting an imminent rate hike in brazil. will the central bank make the much anticipated move today? we'll discuss that when we come back. we'll leave you with pictures of the coffin of former u.k. prime minister margaret thatcher. her funeral due to begin in just about 40 minutes time. usiness. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit thenewny.com >>> welcome back to the program. we'll take a look at u.s. futures which are pointed lower this morning despite a rebound yesterday it looks like markets are under pressure
the imf says there's no silver bullet. the fund urging developed economies to take prudent steps to boost demand. you can go online for more. >>> still to come on the show, economists are expecting an imminent rate hike in brazil. will the central bank make the much anticipated move today? we'll discuss that when we come back. we'll leave you with pictures of the coffin of former u.k. prime minister margaret thatcher. her funeral due to begin in just about 40 minutes time. usiness....
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Apr 29, 2013
04/13
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results came in, they celebrated overwhelming assault -- the social democrats, who were praised by the imf for dragging ice and back -- iceland back to economic viability. many blame the parties back in power for helping to create the economic disaster in the first place. >> i think it will be very complicated, all of it. people's hopes have been raised. they are hoping for improvement it was the same thing four years ago. four years ago, people's hopes were raised. they were crushed. they punished the outgoing government. >> the leader of the independence party told al jazeera he remains confident of success. >> i think we are offering an alternative to what governments have been doing in the last four years. they have increased taxes. we are talking about lowering taxes. putting the emphasis on growth. >> success with such a radical change of direction is not guaranteed. tim friend, al jazeera. have tried00 gunmen to storm the libyan interior ministry and have surrounded the foreign ministry in tripoli. they're demanding the resignation of officials from qaddafi's era. negotiations are u
results came in, they celebrated overwhelming assault -- the social democrats, who were praised by the imf for dragging ice and back -- iceland back to economic viability. many blame the parties back in power for helping to create the economic disaster in the first place. >> i think it will be very complicated, all of it. people's hopes have been raised. they are hoping for improvement it was the same thing four years ago. four years ago, people's hopes were raised. they were crushed....
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Apr 9, 2013
04/13
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officials were talking to the imf and telling them not to push so hard on the details on the bailout because the last thing they wanted was to have a flare up in the debt crisis. yes, i'm sure they're very frustrated, but ultimately, do they have the ability to make germany do anything different? no, they don't. >> kelly, let's bring you in from paris where we know the french economy is struggling a little bit. what happened yesterday with the moscovici? do we know? >> no, ross. how extraordinary. if you take a step back and consider that here is jack lew making his second trip to europe, people were talking about the fact that he had made a point of going to china first and then europe, and then among the places he's going, he started yesterday in brussels, met with european leaders. then it was to frankfurt to meet with draghi last night. he was supposed to wrap things up with moscovici. that trip canceled, then we heard they were trying to find a better time because there was a scheduling conflict. sotd point being, it's a embarrassment for france, frankly. they've turned around,
officials were talking to the imf and telling them not to push so hard on the details on the bailout because the last thing they wanted was to have a flare up in the debt crisis. yes, i'm sure they're very frustrated, but ultimately, do they have the ability to make germany do anything different? no, they don't. >> kelly, let's bring you in from paris where we know the french economy is struggling a little bit. what happened yesterday with the moscovici? do we know? >> no, ross. how...
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Apr 20, 2013
04/13
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i am quite convince the if i go to the meetings in a global level, imf don't know what else, but we have some form of some kind of new global governments. i bet we are not yet. we are in the beginning to find better, and in this dimension, maybe a very difficult way, complex way of european integration in the last 60 years. it's been a major success. it may be in some way, to go on, billing more original, global, whatever governments. [inaudible] we suffered, and all allow this, and only rces in the last three years, adi uderstand that is a success story, but we have to fight it. we have five reasons. [inaudible] resolve at this point. therefore -- [inaudible] we are working again and again, the parliament in germany when we approve. [inaudible] the member states -- there's a lot of member states, and we let the common results, still at risk. excuse. if you don't improve your competitiveness, we will get -- that's been proven. it will happen. we are -- [inaudible] speak to degrees of which it's difficult, to in conflict of risk, and then we can. make a list, differences to buy time and t
i am quite convince the if i go to the meetings in a global level, imf don't know what else, but we have some form of some kind of new global governments. i bet we are not yet. we are in the beginning to find better, and in this dimension, maybe a very difficult way, complex way of european integration in the last 60 years. it's been a major success. it may be in some way, to go on, billing more original, global, whatever governments. [inaudible] we suffered, and all allow this, and only rces...
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Apr 12, 2013
04/13
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shares in europe fall as an extra 5.5 billion euros will secure its eu/imf program. >>> and the u.s. secretary of state john kerry steps into something of a hornet's nest on the korean peninsula as speculation mounts over wa kind of arsenal pyongyang may actually have. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> all right. 23 you've just joined us stateside, good morning. welcome to the start of your global trading day. we've had four days of gains, fresh record closes against the s&p and the dow yesterday, no surprise perhaps to see futures indicating a weaker start. today we asked some, wa, 18 and a bit, 19 points below fair value for the dow, the nasdaq at the moment is some five points below fair value. both these markets up 0.4% yesterday and, sorry, not the nasdaq. the nasdaq was up 0.1%, the s&p was up 0.4% yesterday and right now that is called some 2.7 points below fair value. european markets have four days of rallies that have come to a halt this morning. the ftse 100 wiping out yesterday's gains, the xetra dax a
shares in europe fall as an extra 5.5 billion euros will secure its eu/imf program. >>> and the u.s. secretary of state john kerry steps into something of a hornet's nest on the korean peninsula as speculation mounts over wa kind of arsenal pyongyang may actually have. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> all right. 23 you've just joined us stateside, good morning. welcome to the start of your...
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Apr 29, 2013
04/13
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the imf is cutting its asia pacific growth outlook to 5.7% citing slower growth in china. >>> and the japanese prime minister shinzo abe is in moscow meeting with the russian prime minister. it's the first top level meeting between the two country necessary a decade. the two leaders have a pretty good laugh. they're trying to settle a long standing territorial dispute that has hindered trade efforts. japan is looking for a cheaper source of natural gas. rush na has plenty to export. >>> south korea pulled workers out of kaesong after north korea withdrew its 53,000 workers and rejected talks on the industrial park. let's get more from seoul with chery kang. hi, chery. >> hi, rots. now, the last remaining 50 south koreans want to return to the south clearing out of the district complex at 5:00 p.m. korean time, which was about 48 minutes ago. but the latest i hear was that they weren't able to do just yet because they haven't got the clearance from the north korean side and certainly keeping an eye out on what's going on up there. this looks like a stage for the two koreas to save thei
the imf is cutting its asia pacific growth outlook to 5.7% citing slower growth in china. >>> and the japanese prime minister shinzo abe is in moscow meeting with the russian prime minister. it's the first top level meeting between the two country necessary a decade. the two leaders have a pretty good laugh. they're trying to settle a long standing territorial dispute that has hindered trade efforts. japan is looking for a cheaper source of natural gas. rush na has plenty to export....
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Apr 28, 2013
04/13
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here is a man who will be president of france the head of the imf one of the most powerful people in the world and the maid comes into the room and the maid has the story and he has a story. there were video cameras in the hallways, telephone records, i tried to reconstruct and finally you come out at least in my opinion, in her view she is honestly telling a story where she was forced to perform a sexual act but in his view she simply responded to his voice commands that were discussing the bulls people saw themselves as innocent and it is easy to say a man or woman wouldn't do that. but we now know from bill clinton in monaco lewinsky people do things you don't expect them to do. when you approach a mystery mystery, that is why i like to go into a complicated cases with the lindbergh case, cases that are things are resolved to see does this make sense and in what ways does it and doesn't it? i don't think we can trust our rationality or opinions. another question? >> currently the case i saw the other night there was a fighter and 19 people died either prosecutor or the judge said
here is a man who will be president of france the head of the imf one of the most powerful people in the world and the maid comes into the room and the maid has the story and he has a story. there were video cameras in the hallways, telephone records, i tried to reconstruct and finally you come out at least in my opinion, in her view she is honestly telling a story where she was forced to perform a sexual act but in his view she simply responded to his voice commands that were discussing the...
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Apr 22, 2013
04/13
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it was the imf, and it was the german government. and then we had to go a long way to try compromises and all this nonsense, and we got it. and now it's fine. and it gives the real chance for cyprus to regain a competitive trust for business model. i am quite optimistic. of course, they will suffer some years. it is unavoidable, but it will work. >> rind you to state your name and affiliation, and you're limited to one question. cob? >> jacob frankel, jpmorgan. thank you, mr. minister, for a very sobering and refreshing analysis which is in stark contrast to some of the cheerleading statements that were made in some other meetings. so thank you for that. you started by saying that europe will grow subpar. it will be for the long term. it's aging and the like. and so what bothered me is there is so much pressure on the ecb to expand further. and we all know that this will not help competitiveness of any country where the focus on competitiveness has to do with structural measures. and with -- [inaudible] and weak politics, we it's goi
it was the imf, and it was the german government. and then we had to go a long way to try compromises and all this nonsense, and we got it. and now it's fine. and it gives the real chance for cyprus to regain a competitive trust for business model. i am quite optimistic. of course, they will suffer some years. it is unavoidable, but it will work. >> rind you to state your name and affiliation, and you're limited to one question. cob? >> jacob frankel, jpmorgan. thank you, mr....
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Apr 20, 2013
04/13
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the imf and the german government, and then we had to wait a long wait to try compromises and all this nonsense. in the end we got and it now it's fine. and a real chance for cyprus to regain a competitive plus for business model. i'm quite optimistic. of course, suffer some years un avoidable but it will work. >> i'll remind you to state your name and affiliation and you're limited to one question. jacob. >> jacob, jp morgan. thank you, mr. minister, for a very sobering and refreshing analysis, which is in stark contrast to some of their cheerleading statements made in some other meetings, so thank you for that. you started by saying that europe will grow, it will be for the long-term, it's aging and the like. and so what bothered me so much pressure on the ecb to expand. we all know that this will not help competitiveness of any country, where the focus on competitiveness has to do with structure measures, andith poor and weak politics, we know it's going to be very tough, and i agree that italy is very flexible, maybe flexible in ideas but not flex nibble the economy. >> well, not s
the imf and the german government, and then we had to wait a long wait to try compromises and all this nonsense. in the end we got and it now it's fine. and a real chance for cyprus to regain a competitive plus for business model. i'm quite optimistic. of course, suffer some years un avoidable but it will work. >> i'll remind you to state your name and affiliation and you're limited to one question. jacob. >> jacob, jp morgan. thank you, mr. minister, for a very sobering and...
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Apr 26, 2013
04/13
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in the likes of spain and greece and the imf -- >> and your monetary union is where this is -- >> and there's no austerity with the currency, right? so that's clear. and in the uk, all the talk, wa we count was a lot of investment spending. they're trying to change the wealth around a little bit. normally what you would do is cut spending and cut taxes to promote growth at the same time instead of cutting one thing. the point is they cut and you try to make the stimulus instead of the supply side. >> on the fiscal side, there's been no agreement partly because of research like this to pursue those kinds of policies like this after the crisis, or do you do it on the monetary side? the central bank will step up when no one else can decide. anyway, we'll want to hear from you on this. who is right in the austerity debate? who is at fault for the way the whole matter tweeted out? jeff tweeted in to say, it doesn't matter who wins the austerity argument, only who loses it, and that is unemployment workers. yes. keep your poresponses here comi on "worldwide exchange." tweet us or reach us i
in the likes of spain and greece and the imf -- >> and your monetary union is where this is -- >> and there's no austerity with the currency, right? so that's clear. and in the uk, all the talk, wa we count was a lot of investment spending. they're trying to change the wealth around a little bit. normally what you would do is cut spending and cut taxes to promote growth at the same time instead of cutting one thing. the point is they cut and you try to make the stimulus instead of...
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Apr 18, 2013
04/13
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because there's a realization that actually all is not well and we had that warning yesterday from the imf saying there are a lot of companies with a lot of countries that don't have sustainable debt. that is a realization that makes financial debt unattractive at the moment. >> we see some positive points on that part. to 36% in equity is not a lot. we have a bit of overweight in japan and consumer discretionary. but apart from that, we are really cautious until the -- well, the result season is behind us. >> speaking of results season, morgan stanley does report ahead of the u.s. opening bell today. mary thompson is back at cnbc headquarters with a preview. we had goldman yesterday, morgan stanley today and i bet trading revenue in particular will be a focus. >> that certainly will be a focus. before i get to morgan stanley, i want to talk about american express, too. that financial giant reported after the bell yesterday. it reported disappointing results on the top line as cost controls boost the firm's profits. now, as expected, it's business, declining 6% in the first quarter. that w
because there's a realization that actually all is not well and we had that warning yesterday from the imf saying there are a lot of companies with a lot of countries that don't have sustainable debt. that is a realization that makes financial debt unattractive at the moment. >> we see some positive points on that part. to 36% in equity is not a lot. we have a bit of overweight in japan and consumer discretionary. but apart from that, we are really cautious until the -- well, the result...
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Apr 11, 2013
04/13
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jim, the headlines this morning from the ft include those comments from christine legarde from the imf. real concerns she has about what's happening in what she's calling a three-speed global economy, thinking this could be what leads to the next big crisis. how much do you think about this and how much credence do you give it? >> well, i'm just fresh off the plane from three days in africa. i can certainly feel some sympathy for what she's saying. that part of the world is doing spectacularly well and it's very exciting the.we have to remember that there are, albeit smaller places that are still doing exceptionally well in many parts of the emerging world. i don't know, i think the broader issue is that the bank of japan's policy, which is so warranted and welcome, in my opinion, for what japan needs. i just saw the previous discussion with joe wondering about the stock market. it's probably an incorredirect consequence of what the japanese have just done. it's having a huge impact on the european bond yields, including the peripherals and probably many other places. and in some cases
jim, the headlines this morning from the ft include those comments from christine legarde from the imf. real concerns she has about what's happening in what she's calling a three-speed global economy, thinking this could be what leads to the next big crisis. how much do you think about this and how much credence do you give it? >> well, i'm just fresh off the plane from three days in africa. i can certainly feel some sympathy for what she's saying. that part of the world is doing...
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Apr 2, 2013
04/13
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the imf has officially accused the administration of doctoring under the circumstances data and has threatened punishment if this is not rectified and the recent bond debt rulings in new york seem to add some increased pressure for argentina. argentina throughout all of this has followed expansionary monetary and fiscal policy. looking at exchange rate and inflation rate, this is the official versus unofficial, inflation, inflation is increasing both in the official and unofficial measures and so probably there needs it be some reckoning here. on the panel, on the left, you see the declining reserves and, so, certainly it is no the running out of reserves but this is not a good trend, and, the peso continues to be overvalued. so these are pressure points. increasing additional pressure points are the commodity prices which buoyed argentine economy throughout the 2,000s are tapering off. you also see slower growth in argentina's export markets. brazil is the main export market. brazilian growth is slowing. china also and despite dave's predictions some growth in the united states, that probably
the imf has officially accused the administration of doctoring under the circumstances data and has threatened punishment if this is not rectified and the recent bond debt rulings in new york seem to add some increased pressure for argentina. argentina throughout all of this has followed expansionary monetary and fiscal policy. looking at exchange rate and inflation rate, this is the official versus unofficial, inflation, inflation is increasing both in the official and unofficial measures and...